CEO-linked fund buys 5,674 Total Return shares

Total Return Securities Fund reported insider-related purchases of its common stock by a limited partnership associated with President and CEO Andrew Dakos.

Accepted by SEC EDGAR 02/25/2026 - 04:06 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Total Return Securities Fund reported insider-related purchases of its common stock by a limited partnership associated with President and CEO Andrew Dakos. On February 23–24, the partnership bought a total of 5,674 shares in open-market transactions at prices between $6.13 and $6.17 per share.

These holdings are reported as indirect ownership, and Mr. Dakos disclaims beneficial ownership of the partnership’s shares except to the extent of any pecuniary interest. A separate line shows 39,453 shares held as a directly owned common stock position.

Insider Trade Summary

Net Buyer: 5,674 shares

Net Buy 4 txns

Insider Dakos Andrew

Role President and CEO

Bought 5,674 shs ($35K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	326	$6.14	$2K
Purchase	Common Stock	1,348	$6.17	$8K
Purchase	Common Stock	2,000	$6.14	$12K
Purchase	Common Stock	2,000	$6.13	$12K
Holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 15,677 shares (Indirect, Limited Partnership); Common Stock — 39,453 shares (Direct)

Footnotes (1)

1. F1. Shares are held by a limited partnership in which Mr. Dakos has a beneficial interest. Mr. Dakos disclaims beneficial interest in such shares except to the extent of any pecuniary interest therein.

FAQ

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What insider transactions did SWZ report for Andrew Dakos?

A limited partnership associated with Andrew Dakos bought 5,674 SWZ common shares. Purchases occurred on February 23–24 in open-market transactions, adding to his indirect holdings while he reports a separate directly owned position of 39,453 shares.

At what prices were the recent SWZ insider shares purchased?

The associated limited partnership bought SWZ common stock between $6.13 and $6.17 per share. These open-market purchases on February 23–24 increased indirect holdings, reflecting specific transaction prices disclosed for each trade in the Form 4 filing.

How many SWZ shares did the CEO-linked partnership buy in total?

The limited partnership linked to SWZ President and CEO Andrew Dakos acquired 5,674 common shares. This total combines multiple open-market purchases over two days, as summarized in the Form 4 transaction data for non-derivative common stock.

Are the new SWZ shares held directly by Andrew Dakos?

No, the newly acquired 5,674 SWZ shares are held by a limited partnership. The filing states Mr. Dakos has a beneficial interest but disclaims beneficial ownership except for any pecuniary interest, reflecting indirect rather than direct personal ownership.

What is Andrew Dakos’s direct SWZ common stock position?

The Form 4 lists 39,453 SWZ common shares as directly owned. This line is separate from the limited partnership’s indirect holdings and reflects his personally reported direct ownership position as of the transaction reporting date.

How does the Form 4 classify these SWZ insider transactions?

The trades are classified as open-market purchases of non-derivative common stock. Each transaction uses code “P,” indicating a purchase, with the filing summarizing them as net-buy activity totaling 5,674 additional indirectly owned shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dakos Andrew

(Last) (First) (Middle)

250 PEHLE AVE.

SUITE 708

(Street)

SADDLE BROOK NJ 07663

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Total Return Securities Fund [ SWZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/23/2026		P		2,000	A	$6.14	12,003	I	Limited Partnership(1)
Common Stock	02/23/2026		P		2,000	A	$6.13	14,003	I	Limited Partnership(1)
Common Stock	02/24/2026		P		326	A	$6.14	14,329	I	Limited Partnership(1)
Common Stock	02/24/2026		P		1,348	A	$6.17	15,677	I	Limited Partnership(1)
Common Stock								39,453	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares are held by a limited partnership in which Mr. Dakos has a beneficial interest. Mr. Dakos disclaims beneficial interest in such shares except to the extent of any pecuniary interest therein.

	/s/ Stephanie Darling, Power of Attorney for Andrew Dakos	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.